UAE, Saudi Arabia, Oman oil ministers to meet in Abu Dhabi

Oil ministers from the United Arab Emirates (UAE), Saudi Arabia and Oman will meet Saturday, October 27 for talks on the oil market as prices wallow at two-year lows, the official Emirati news agency

Oil ministers from the United Arab Emirates (UAE), Saudi Arabia and Oman will meet Saturday, October 27 for talks on the oil market as prices wallow at two-year lows, the official Emirati news agency WAM said.

The meeting of kingpin Saudi Arabia and the UAE -- both members of the Organization of Petroleum Exporting Countries (OPEC) -- with independent oil producer Oman is part of the cartel's efforts to coordinate with non-OPEC countries and boost slumping oil prices.

OPEC President Algerian Chakib Khelil said Tuesday in Buenos Aires that the OPEC-backed target price of $25 dollars per barrel was a "reasonable" figure. Venezuela's President Hugo Chavez warned Tuesday in London that the world's major crude oil producers could become embroiled in a price war if exporters outside the OPEC cartel refuse to freeze or lower their output.

Chavez said concerted action by both the 11-nation club and outsiders was the only way to rescue prices which have fallen around 25 percent since last month's terrorist attacks on the United States.

In London, a barrel of Brent North Sea crude for December delivery opened at $20.66 dollars -- the lowest opening value for more than two years. In New York, light sweet crude November contract ended Tuesday at $21.85 a barrel, up nine cents. — (AFP, Abu Dhabi)